Leumi enters US housing complexes: invests in Harbor Group at a valuation of $1.3 billion

Bank Leumi, through Leumi Partners, is investing $100 million in the American real estate company Harbor Group at a valuation of $1.28 billion, receiving a stake of about 8% with an option to increase to 10%.

Bank Leumi, through its real estate arm Leumi Partners, is investing $100 million in the American real estate company Harbor Group International, at a valuation of approximately $1.28 billion. The investment grants Leumi Partners a stake of about 8% in the company, with an option to purchase additional shares that would increase the stake to 10%. Harbor Group, founded in 1985, engages in the acquisition, improvement, and management of income-producing real estate in the US, primarily multifamily rental housing complexes, and manages about 500 properties and 65,000 housing units. The company expects its assets under management to grow to about $60 billion in the coming years. The article notes that Leumi is taking advantage of the downturn in the US housing complex sector, and that similar companies like Electra Real Estate have suffered write-downs due to high interest rates, but a positive turnaround may be possible in the coming months.